China’s yuan takes another step towards SDR basket inclusion - (Economics)
- China’s currency, the yuan, took another step forward towards joining the elite group of global reserve currencies on Saturday when the International Monetary Fund’s (IMF) staff on Saturday recommended that the Chinese currency be included in the IMF’s benchmark foreign exchange basket, a move that will indirectly benefit India as well.
- Managing Director of the IMF Christine Lagarde also endorsed the yuan’s inclusion in the IMF’s Special Drawing Rights basket.
Jaitley asks market-makers to improve their credibility, integrity - (Economics)
- Finance Minister Arun Jaitley on Saturday called for improving the credibility and integrity of all market participants, including the regulators and corporates, to channel more household savings into the system.
- “Though we have covered a reasonable distance over the past two-and-a-half decades in terms of financial market development, there is still a long way to go in terms of market depth…